A 300-year-old painting by Italian master Sebastiano Ricci failed to sell at auction, the auction house said Thursday.

The economy is likely to blame for the lack of bids on "The Vision of St. Bruno," said Edmund Pillsbury, chairman of fine arts at Heritage Auction Galleries. The minimum bid was $500,000.

He said the family that owns the work is now considering a private sale.

The Ricci painting's journey from Italy to Texas was unraveled after the family that owned the work asked Pillsbury to take a look at it last year. They thought it could be a Ricci, but Pillsbury was skeptical.

Stunned when he saw the 3-by-4 foot painting depicting a robed St. Bruno, he soon confirmed it was the work of the famous Venetian painter. The painting had thought to be lost.